Inequality: Earnings vs. Human Wealth

Abstract

Inequality in economic well-being is an important contemporary issue.Historically most studies have dealt with inequality in annual earnings or wages1 based on cross section data or on changes in these cross sections over time and space.See, for example, the works of Mincer (1974) and Chiswick (1974).Recent developments in human capital theory stress the need to consider a broader definition of economic well being encompassing life cycle behavior.Major contributions by Becker (1964), Ben-Porath (1967), andMincer (1974) emphasize individual decisions which affect lifetime earning patterns such as years and quality of schooling and the level and pattern of on-the-job postschooling investment as in Mincer and Polachek (1974).The basic model presented in Ben-Porath (1967) has become a popular vehicle for detailed refinement of models of optimal life cycle investment in human capital.The basic model, considered by Haley (1973), Johnson (1970), Lillard (1973), Rosen (1973), andWallace andIhnen (1974), assumes individual 'Some studies have dealt with non-human earnings and wealth but these will not be elaborated here.For an example see some of the papers in James D. Smith (1975).

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